MOUNTAIN PROVINCE DIAMONDS COMPLETES $47 MILLION RIGHTS OFFERING

Mountain Province Diamonds Inc. has completed its previously announced rights offering, which

expired on Nov. 28, 2012, raising gross proceeds of $47-million. A total of 54,869,243 rights were

exercised for 9,144,870 common shares. In addition, a further 1,705,199 common shares were

subscribed for under additional subscription privilege. A total of 10,850,069 common shares were

subscribed for, which represents an 80.65-per-cent take-up under the rights offering.

The balance of the rights shares were taken up by Bottin (International) Investments Ltd.

(controlled by  Dermot Desmond), currently Mountain Province's largest shareholder, which provided

a standby commitment to subscribe for those rights shares not otherwise subscribed for on the

exercise of the rights.Patrick Evans, Mountain Province president and chief executive officer, said:

"We are pleased with the strong support our rights offering received from shareholders and welcome

the continuing support of our major shareholder. The proceeds of the offering will be used primarily to

fund Mountain Province's 49 percent share of the 2013 capital budget for the development of the

Gahcho Kue diamond mine.

Permitting of the project continues to progress on schedule with the final public hearing under the

environmental review schedule for next week. Subject to the successful permitting, we expect

construction of the mine to commence next year."

Qualified person

This news release has been prepared under the supervision of Carl G. Verley, PGeo, who serves as

the qualified person under National Instrument 43-101.

We seek Safe Harbor.

This means Botin (DD) picked up 2,603,209 additional shares on top of the rights he exercised plus what

he has accumulated since the September. I think he will now own close to 30% of our company.